Cavco Industries Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cavco Industries has an operating margin of 9.4%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 10.0% the prior year.
Cavco Industries's revenue grew 12.3% year-over-year to $2.0B, a solid pace of expansion. This earns a growth score of 64/100.
Cavco Industries carries a low D/E ratio of 0.32, meaning only $0.32 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.00, Cavco Industries holds $3.00 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Cavco Industries has a free cash flow margin of 7.8%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Cavco Industries's ROE of 16.1% shows moderate profitability relative to equity, earning a score of 64/100. This is up from 15.3% the prior year.
Cavco Industries scores 11.63, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.6B) relative to total liabilities ($342.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Cavco Industries passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cavco Industries generates $1.04 in operating cash flow ($178.5M OCF vs $171.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cavco Industries earns $368.0 in operating income for every $1 of interest expense ($190.3M vs $517K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Cavco Industries (CVCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Cavco Industries generated $2.0B in revenue in fiscal year 2025. This represents an increase of 12.3% from the prior year.
Cavco Industries's EBITDA was $209.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.
Cavco Industries generated $157.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.2% from the prior year.
Cavco Industries reported $171.0M in net income in fiscal year 2025. This represents an increase of 8.4% from the prior year.
Cavco Industries earned $20.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 12.7% from the prior year.
Cavco Industries held $356.2M in cash against $0 in long-term debt as of fiscal year 2025.
Cavco Industries had 8M shares outstanding in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Cavco Industries's gross margin was 23.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Cavco Industries's operating margin was 9.4% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.
Cavco Industries's net profit margin was 8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.
Cavco Industries's ROE was 16.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.
Cavco Industries spent $148.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 36.0% from the prior year.
Cavco Industries invested $21.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 23.0% from the prior year.
CVCO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $581.0M+4.4% | $556.5M-0.1% | $556.9M+6.7% | $522.0M+2.9% | $507.5M+6.3% | $477.6M+6.9% | $446.8M-1.2% | $452.0M |
| Cost of Revenue | $445.1M+5.4% | $422.1M-1.2% | $427.4M+9.0% | $392.1M+0.2% | $391.3M+4.6% | $374.2M+8.9% | $343.7M-0.4% | $345.1M |
| Gross Profit | $135.9M+1.1% | $134.4M+3.8% | $129.5M-0.3% | $129.9M+11.9% | $116.1M+12.3% | $103.4M+0.3% | $103.1M-3.7% | $107.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $81.4M+12.6% | $72.2M+4.5% | $69.1M+4.8% | $66.0M-1.5% | $67.0M+3.3% | $64.9M+2.4% | $63.3M+2.9% | $61.5M |
| Operating Income | $54.6M-12.3% | $62.2M+3.0% | $60.4M-5.6% | $64.0M+30.2% | $49.1M+27.4% | $38.6M-3.0% | $39.7M-12.6% | $45.5M |
| Interest Expense | $131K+17.0% | $112K-31.7% | $164K+5.8% | $155K+24.0% | $125K+38.9% | $90K-89.3% | $842K+227.6% | $257K |
| Income Tax | $13.5M-9.0% | $14.9M+8.9% | $13.7M+6.1% | $12.9M+15.6% | $11.1M+18.1% | $9.4M+19.1% | $7.9M-21.5% | $10.1M |
| Net Income | $44.1M-15.9% | $52.4M+1.4% | $51.6M-8.5% | $56.5M+28.9% | $43.8M+27.3% | $34.4M-4.3% | $36.0M-13.4% | $41.5M |
| EPS (Diluted) | $5.58-14.8% | $6.55+2.0% | $6.42-7.0% | $6.90+30.7% | $5.28+28.5% | $4.11-3.7% | $4.27-10.3% | $4.76 |
CVCO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+1.6% | $1.4B+2.1% | $1.4B+2.4% | $1.4B-0.9% | $1.4B+1.3% | $1.4B+4.1% | $1.3B-3.1% | $1.4B |
| Current Assets | $816.8M-12.6% | $934.5M+2.1% | $915.3M+4.2% | $878.0M-2.7% | $902.0M+2.8% | $877.6M+5.3% | $833.0M-4.8% | $875.4M |
| Cash & Equivalents | $224.6M-40.1% | $375.0M+8.8% | $344.6M-5.0% | $362.9M-0.3% | $364.1M+1.3% | $359.3M+1.8% | $352.8M-6.5% | $377.3M |
| Inventory | $290.5M+12.4% | $258.4M+0.1% | $258.1M+6.1% | $243.3M-0.3% | $244.0M-0.3% | $244.8M+3.5% | $236.6M-3.2% | $244.5M |
| Accounts Receivable | $106.0M-8.4% | $115.7M-0.5% | $116.3M+26.6% | $91.8M-2.6% | $94.3M+10.9% | $85.1M+20.6% | $70.5M-20.4% | $88.6M |
| Goodwill | $207.8M+70.4% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $122.0M+1.0% | $120.7M+4.1% | $116.0M |
| Total Liabilities | $383.0M+5.5% | $362.9M+2.3% | $354.8M+8.0% | $328.5M-7.8% | $356.2M+4.1% | $342.1M+7.6% | $317.9M-9.1% | $349.5M |
| Current Liabilities | $328.7M+3.3% | $318.1M+0.2% | $317.3M+11.2% | $285.2M-8.4% | $311.5M+5.2% | $296.0M+9.2% | $271.2M-11.2% | $305.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B+0.3% | $1.1B+2.0% | $1.1B+0.7% | $1.1B+1.5% | $1.0B+0.3% | $1.0B+3.0% | $1.0B-1.0% | $1.0B |
| Retained Earnings | $1.3B+3.4% | $1.3B+4.2% | $1.2B+7.6% | $1.2B+5.1% | $1.1B+4.1% | $1.1B+6.9% | $993.2M+3.8% | $957.2M |
CVCO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.1M-15.7% | $78.5M+41.3% | $55.5M+47.0% | $37.8M-30.9% | $54.7M+15.4% | $47.4M+3.2% | $45.9M-41.1% | $77.9M |
| Capital Expenditures | $8.5M-12.8% | $9.7M+6.5% | $9.1M+68.2% | $5.4M+11.4% | $4.9M-1.9% | $5.0M+4.4% | $4.8M+11.2% | $4.3M |
| Free Cash Flow | $57.6M-16.2% | $68.7M+48.2% | $46.4M+43.4% | $32.3M-35.1% | $49.8M+17.4% | $42.4M+3.1% | $41.1M-44.1% | $73.6M |
| Investing Cash Flow | -$179.7M-1345.3% | -$12.4M-61.2% | -$7.7M-161.8% | -$2.9M+48.1% | -$5.7M-6.2% | -$5.3M+73.4% | -$20.1M-136.5% | -$8.5M |
| Financing Cash Flow | -$43.9M-27.2% | -$34.5M+36.9% | -$54.7M-29.0% | -$42.4M-1.7% | -$41.7M-30.9% | -$31.9M+41.2% | -$54.2M-33.0% | -$40.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $43.8M+21.4% | $36.1M-27.8% | $50.0M+18.6% | $42.2M-1.5% | $42.8M+45.3% | $29.5M-47.3% | $55.9M+36.6% | $40.9M |
CVCO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.4%-0.8pp | 24.1%+0.9pp | 23.3%-1.6pp | 24.9%+2.0pp | 22.9%+1.2pp | 21.6%-1.4pp | 23.1%-0.6pp | 23.7% |
| Operating Margin | 9.4%-1.8pp | 11.2%+0.3pp | 10.8%-1.4pp | 12.3%+2.6pp | 9.7%+1.6pp | 8.1%-0.8pp | 8.9%-1.2pp | 10.1% |
| Net Margin | 7.6%-1.8pp | 9.4%+0.1pp | 9.3%-1.6pp | 10.8%+2.2pp | 8.6%+1.4pp | 7.2%-0.8pp | 8.1%-1.1pp | 9.2% |
| Return on Equity | 4.0%-0.8pp | 4.8%-0.0pp | 4.9%-0.5pp | 5.3%+1.1pp | 4.2%+0.9pp | 3.3%-0.3pp | 3.6%-0.5pp | 4.1% |
| Return on Assets | 3.0%-0.6pp | 3.6%-0.0pp | 3.6%-0.4pp | 4.1%+0.9pp | 3.1%+0.6pp | 2.5%-0.2pp | 2.7%-0.3pp | 3.0% |
| Current Ratio | 2.49-0.5 | 2.94+0.1 | 2.88-0.2 | 3.08+0.2 | 2.90-0.1 | 2.96-0.1 | 3.07+0.2 | 2.87 |
| Debt-to-Equity | 0.35+0.0 | 0.330.0 | 0.33+0.0 | 0.31-0.0 | 0.34+0.0 | 0.33+0.0 | 0.32-0.0 | 0.34 |
| FCF Margin | 9.9%-2.4pp | 12.3%+4.0pp | 8.3%+2.1pp | 6.2%-3.6pp | 9.8%+0.9pp | 8.9%-0.3pp | 9.2%-7.1pp | 16.3% |
Similar Companies
Frequently Asked Questions
What is Cavco Industries's annual revenue?
Cavco Industries (CVCO) reported $2.0B in total revenue for fiscal year 2025. This represents a 12.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cavco Industries's revenue growing?
Cavco Industries (CVCO) revenue grew by 12.3% year-over-year, from $1.8B to $2.0B in fiscal year 2025.
Is Cavco Industries profitable?
Yes, Cavco Industries (CVCO) reported a net income of $171.0M in fiscal year 2025, with a net profit margin of 8.5%.
What is Cavco Industries's earnings per share (EPS)?
Cavco Industries (CVCO) reported diluted earnings per share of $20.71 for fiscal year 2025. This represents a 12.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Cavco Industries's EBITDA?
Cavco Industries (CVCO) had EBITDA of $209.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cavco Industries's gross margin?
Cavco Industries (CVCO) had a gross margin of 23.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cavco Industries's operating margin?
Cavco Industries (CVCO) had an operating margin of 9.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cavco Industries's net profit margin?
Cavco Industries (CVCO) had a net profit margin of 8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cavco Industries's return on equity (ROE)?
Cavco Industries (CVCO) has a return on equity of 16.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cavco Industries's free cash flow?
Cavco Industries (CVCO) generated $157.1M in free cash flow during fiscal year 2025. This represents a -24.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cavco Industries's operating cash flow?
Cavco Industries (CVCO) generated $178.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cavco Industries's total assets?
Cavco Industries (CVCO) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cavco Industries's capital expenditures?
Cavco Industries (CVCO) invested $21.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Cavco Industries buy back shares?
Yes, Cavco Industries (CVCO) spent $148.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Cavco Industries have outstanding?
Cavco Industries (CVCO) had 8M shares outstanding as of fiscal year 2025.
What is Cavco Industries's current ratio?
Cavco Industries (CVCO) had a current ratio of 3.00 as of fiscal year 2025, which is generally considered healthy.
What is Cavco Industries's debt-to-equity ratio?
Cavco Industries (CVCO) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cavco Industries's return on assets (ROA)?
Cavco Industries (CVCO) had a return on assets of 12.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cavco Industries's Altman Z-Score?
Cavco Industries (CVCO) has an Altman Z-Score of 11.63, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cavco Industries's Piotroski F-Score?
Cavco Industries (CVCO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cavco Industries's earnings high quality?
Cavco Industries (CVCO) has an earnings quality ratio of 1.04x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cavco Industries cover its interest payments?
Cavco Industries (CVCO) has an interest coverage ratio of 368.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cavco Industries?
Cavco Industries (CVCO) scores 69 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.